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Bitcoin Cash

When bitcoin cash fork?

Bitcoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork of the original Bitcoin blockchain. The hard fork took place on August 1, 2017, and was initiated by a group of Bitcoin miners and developers who were dissatisfied with the direction that Bitcoin was taking.The hard fork was…

Bitcoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork of the original Bitcoin blockchain. The hard fork took place on August 1, 2017, and was initiated by a group of Bitcoin miners and developers who were dissatisfied with the direction that Bitcoin was taking.

The hard fork was primarily driven by disagreements over the block size limit in the Bitcoin blockchain. The original Bitcoin blockchain had a block size limit of 1 MB, which limited the number of transactions that could be processed per block. This led to long transaction processing times and high transaction fees.

The group behind the hard fork wanted to increase the block size limit to 8 MB, which would allow for more transactions to be processed per block and reduce transaction fees. They believed that this would make Bitcoin more accessible to the average user and allow it to compete more effectively with other cryptocurrencies.

The hard fork was controversial at the time, with some members of the Bitcoin community opposing it and predicting that it would lead to the demise of the cryptocurrency. However, Bitcoin Cash has since grown in popularity and is now one of the top 10 cryptocurrencies by market capitalization.

The hard fork was implemented through a process known as a “user-activated soft fork.” This involved creating a new blockchain that was identical to the original Bitcoin blockchain up until block 478,558. At this point, the new blockchain diverged from the original blockchain, with its own set of rules and protocols.

The hard fork was supported by a significant number of Bitcoin miners and developers, who switched their mining power and computing resources to the new blockchain. This allowed Bitcoin Cash to quickly establish itself as a viable cryptocurrency and gain a significant market share.

Since the hard fork, Bitcoin Cash has undergone several upgrades and improvements, including the implementation of the Schnorr signature algorithm, which improves the efficiency and security of transactions. The cryptocurrency has also seen increased adoption by merchants and users, with many online retailers and businesses now accepting it as a form of payment.

In conclusion, the Bitcoin Cash hard fork took place on August 1, 2017, and was driven by disagreements over the block size limit in the original Bitcoin blockchain. The hard fork created a new blockchain with its own set of rules and protocols, which allowed Bitcoin Cash to establish itself as a viable cryptocurrency. Since then, Bitcoin Cash has undergone several upgrades and improvements and has seen increased adoption by merchants and users.

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